Regulatory Alerts2022-07-19 | 13461Regulations on the Control of Financial and Banking Operations for Fighting Money Laundering and Terrorist Financing
The Governor of the Central Bank of Lebanon issued Interim Decision No. 13461 to amend the System for Monitoring Financial and Banking Operations to Combat Money Laundering and Terrorist Financing. The decision mandates banks to implement enhanced due diligence procedures for correspondent relationships, existing customers, and financial groups, including senior management approval, risk-based profiling, record retention for five years, and group-level compliance oversight. It further requires continuous monitoring of high-risk customers, source-of-funds verification, and the establishment of internal reporting mechanisms to ensure regulatory alignment with FATF standards.
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